A rather large city has only one fire station, two fire trucks, and four firefighters. Is fire protection in this city characterized by rivalry in consumption?
Fire protection in this city is somewhere between rival in consumption and nonrival in consumption. If, at any point in time, only one fire occurs, then the limited amount of equipment and personnel may be sufficient to fight the fire. However, if several fires occur simultaneously, then the limited amount of equipment and personnel will diminish the ability of some owners of houses or businesses to be protected from fire.
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In the fall of 2008, the Federal Reserve lowered its target for the federal funds rate to nearly 0 percent. What is the name of the group within the Federal Reserve that made this decision?
A. Federal Funds Operating Group B. Federal Advisory Committee C. Federal Deposit Insurance Corporation D. Federal Open Market Committee
The kinked demand curve is really a composite of two separate demand curves.
Answer the following statement true (T) or false (F)
A change in the price of a product will change the supply of that product.
Answer the following statement true (T) or false (F)
Which of the following is true of an increase in the federal government budget surplus? a. An increase in surplus results in a decrease in the national saving. b. An increase in surplus shifts the aggregate demand curve rightward. c. An increase in surplus increases the federal debt
d. An increase in surplus dampens aggregate demand in the short run. e. An increase in surplus increases the natural rate of unemployment.